Dogecoin (DOGE) Finds Its Footing: Bulls Regain Traction

Dogecoin started a fresh increase above the $0.350 zone against the US Dollar. DOGE is now consolidating and might climb further if it clears the $0.3650 resistance.

• DOGE price started a fresh increase above $0.3420 and $0.350.

• The price is trading above the $0.350 level and the 100-hourly simple moving average.

• There was a break above a connecting bearish trend line with resistance at $0.3350 on the hourly chart of the DOGE/USD pair (data source from Kraken).

• The price could continue to rise if it clears the $0.3650 and $0.3720 resistance levels.

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Dogecoin Price Rises Steadily

Dogecoin price started a fresh increase after it cleared the $0.320 resistance zone, like Bitcoin and Ethereum. DOGE was able to clear the $0.3420 and $0.350 resistance levels.

Besides, there was a break above a connecting bearish trend line with resistance at $0.3350 on the hourly chart of the DOGE/USD pair. The pair surpassed the 76.4% Fib retracement level of the downward move from the $0.3478 swing high to the $0.3096 low.

Dogecoin price is now trading above the $0.350 level and the 100-hourly simple moving average. It is also above the 1.236 Fib extension level of the downward move from the $0.3478 swing high to the $0.3096 low.

Immediate resistance on the upside is near the $0.3650 level. The first major resistance for the bulls could be near the $0.3720 level. The next major resistance is near the $0.380 level. A close above the $0.380 resistance might send the price toward the $0.3920 resistance. Any more gains might send the price toward the $0.40 level. The next major stop for the bulls might be $0.420.

Another Decline In DOGE?

If DOGE’s price fails to climb above the $0.3650 level, it could start another decline. Initial support on the downside is near the $0.3550 level. The next major support is near the $0.3460 level.

The main support sits at $0.3380. If there is a downside break below the $0.3380 support, the price could decline further. In the stated case, the price might decline toward the $0.3120 level or even $0.3080 in the near term.

Technical Indicators

Hourly MACD – The MACD for DOGE/USD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for DOGE/USD is now above the 50 level.

Major Support Levels – $0.3550 and $0.3460.

Major Resistance Levels – $0.3650 and $0.3800.